02/21/2024
โผ๏ธ MARKET UPDATE โผ๏ธ
๐ซฃ Donโt Let the Headlines Scare you!
๐จ Mortgage Rates Jump to New 2024 Highs After Another Report Shows Higher Inflation ๐
๐ Yes, Interest Rates have risen a mere โฒ 0.076 this past week, putting a 30-year fixed-rate Mortgage averaged at 6.889%. And while this is certainly higher than the (once in a lifetime) historic lows seen in 2020 and 2021, this is still lower โฌ๏ธ than the Historical AVERAGE of 7.74%.
๐ก Freddie Mac has been keeping records since 1971 ๐ง
๐ก 30-year fixed-rate Mortgages averaged 7.74% - in all of History ๐คฏ
๐ก 2024 outlook for Interest Rates is mainly optimistic โ๏ธ
๐ก Rates predicted to average 6.8% overall in 2024 (Realtor.com)
๐ก Rates predicted to reach a low of 6.5% by the end of the year (Realtor.com)
๐ก Housing inventory remains at historical lows (NAR)
๐ก The Annual Median Home Price is predicted to increase by 1.4% this year ๐ฐ.. and predicted to increase by another 2.6% in 2025, to $405,200 (NAR)
๐ก Home Sales predicted to rise this year; forecasting 13% ๐บ increase compared to 2023 (NAR)
๐ก Rising trend is expected to continue into 2025, with another 15.8% uptick (NAR)
As a Buyer, it's almost impossible to time your rate in this Market. ๐๐ผโโ๏ธ Our best advice is to buy when youโre financially ready and can afford the home you want ๐๐ผ regardless of current Interest Rates.
๐จ Remember that youโre not stuck with your Mortgage Rate forever. If rates drop, homeowners may be able to refinance later on to cut costs.
Todaysโs Rates:
๐ก 30-year fixed-rate mortgages: averaged 6.889%, rising 0.076 from last week
๐ก 15-year fixed-rate mortgages: averaged 6.348%, down 0.106 from last week
*National Averages provided by Preferred Rate
Bri Bieloh, REALTORยฎ
๐ฑ (612) 619-2261
๐ง [email protected]
๐ค Licensed with Keller Williams Classic Realty Northwest